Washington Trust Bancorp, Inc. (NASDAQ:WASH) Q4 2020 Results Earnings Conference Call January 28, 2021 8:30 AM ET Company Participants Elizabeth Eckel - Senior Vice President, Chief Marketing and CCO Ned Handy - Chairman and CO Mark Gim - President and COO Ron Ohsberg - Senior Executive Vice President, Chief Financial Officer and Treasurer Bill Wray - Senior Executive Vice President and CRO Conference Call Participants Mark Fitzgibbon - Piper Sandler Laurie Hunsicker - Compass Point Operator Good morning. A ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2020 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______. Commission file number: 001-32991 WASHINGTON TRUST BANCORP, INC. (Exact name of registrant as specified in its charter) Rhode Island 05- ...

Washington Trust Bancorp, Inc. (NASDAQ:WASH) Q3 2020 Results Earnings Conference Call October 20, 2020 8:30 AM ET Company Participants Elizabeth Eckel - Senior Vice President, Chief Marketing and CCO Ned Handy - Chairman and CEO Ron Ohsberg - Senior Executive Vice President and CFO and Treasurer Mark Gim - President and COO Bill Wray - Senior Executive Vice President and CRO Conference Call Participants Mark Fitzgibbon - Piper Sandler Damon Delmonte - KBW Erik Zwick - Boenning & Scattergood Laurie Hunsicker ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) 23 Broad Street Westerly, Rhode Island 02891 (Address of principal executive offices) (Zip Code) (401) 348-1200 ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2020 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______. Commission file number: 001-3 ...

Washington Trust Bancorp, Inc. (NASDAQ:WASH) Q2 2020 Earnings Conference Call July 21, 2020 8:30 AM ET Company Participants Elizabeth B. Eckel - SVP, Chief Marketing and Corporate Communications Officer Ned Handy - Chairman and CEO Ron Ohsberg - Senior Executive Vice President, CFO, and Treasurer Mark Gim - President and COO Bill Wray - Senior Executive Vice President and Chief Risk Officer Conference Call Participants Mark Fitzgibbon - Piper Sandler Damon Delmonte - KBW Erik Zwick - Boenning & Scattergood ...

PART I. Financial Information [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited Q1 2020 consolidated financial statements, including balance sheets, income, cash flows, and accounting notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets%20as%20of%20March%2031,%202020%20and%20December%2031,%202019) [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income%20for%20the%20three%20months%20ended%20March%2031,%202020%20and%202019) [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20for%20the%20three%20months%20ended%20March%2031,%202020%20and%202019) [Consolidated Statements of Changes in Shareholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity%20for%20the%20three%20months%20ended%20March%2031,%202020%20and%202019) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20three%20months%20ended%20March%2031,%202020%20and%202019) [Note 1 - Basis of Presentation](index=10&type=section&id=Note%201%20-%20Basis%20of%20Presentation) [Note 2 - Recently Issued Accounting Pronouncements](index=11&type=section&id=Note%202%20-%20Recently%20Issued%20Accounting%20Pronouncements) [Note 3 - Cash and Due from Banks](index=13&type=section&id=Note%203%20-%20Cash%20and%20Due%20from%20Banks) [Note 4 - Securities](index=13&type=section&id=Note%204%20-%20Securities) [Note 5 - Loans](index=17&type=section&id=Note%205%20-%20Loans) [Note 6 - Allowance for Credit Losses on Loans](index=26&type=section&id=Note%206%20-%20Allowance%20for%20Credit%20Losses%20on%20Loans) [Note 7 - Federal Home Loan Bank Advances](index=30&type=section&id=Note%207%20-%20Federal%20Home%20Loan%20Bank%20Advances) [Note 8 - Shareholders' Equity](index=30&type=section&id=Note%208%20-%20Shareholders'%20Equity) [Note 9 - Derivative Financial Instruments](index=33&type=section&id=Note%209%20-%20Derivative%20Financial%20Instruments) [Note 10 - Fair Value Measurements](index=36&type=section&id=Note%2010%20-%20Fair%20Value%20Measurements) [Note 11 - Revenue from Contracts with Customers](index=42&type=section&id=Note%2011%20-%20Revenue%20from%20Contracts%20with%20Customers) [Note 12 - Defined Benefit Pension Plans](index=44&type=section&id=Note%2012%20-%20Defined%20Benefit%20Pension%20Plans) [Note 13 - Share-Based Compensation Arrangements](index=45&type=section&id=Note%2013%20-%20Share-Based%20Compensation%20Arrangements) [Note 14 - Business Segments](index=45&type=section&id=Note%2014%20-%20Business%20Segments) [Note 15 - Other Comprehensive Income (Loss)](index=46&type=section&id=Note%2015%20-%20Other%20Comprehensive%20Income%20(Loss)) [Note 16 - Earnings Per Common Share](index=47&type=section&id=Note%2016%20-%20Earnings%20Per%20Common%20Share) [Note 17 - Leases](index=48&type=section&id=Note%2017%20-%20Leases) [Note 18 - Commitments and Contingencies](index=49&type=section&id=Note%2018%20-%20Commitments%20and%20Contingencies) Consolidated Balance Sheet Highlights (March 31, 2020 vs. December 31, 2019) | Metric | March 31, 2020 (in thousands) | December 31, 2019 (in thousands) | Change ($) | Change (%) | | :-------------------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Total assets | $5,620,979 | $5,292,659 | $328,320 | 6.2% | | Total loans, net | $4,050,731 | $3,865,985 | $184,746 | 4.8% | | Allowance for credit losses on loans | $39,665 | $27,014 | $12,651 | 46.8% | | Total deposits | $3,706,314 | $3,498,882 | $207,432 | 5.9% | | Total shareholders' equity | $508,597 | $503,492 | $5,105 | 1.0% | Consolidated Statements of Income Highlights (Three months ended March 31, 2020 vs. 2019) | Metric | Three months ended March 31, 2020 (in thousands) | Three months ended March 31, 2019 (in thousands) | Change ($) | Change (%) | | :-------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :--------- | :--------- | | Total interest and dividend income | $47,116 | $50,194 | ($3,078) | (6.1%) | | Total interest expense | $14,514 | $15,610 | ($1,096) | (7.0%) | | Net interest income | $32,602 | $34,584 | ($1,982) | (5.7%) | | Provision for credit losses | $7,036 | $650 | $6,386 | 982.5% | | Total noninterest income | $19,927 | $15,367 | $4,560 | 29.7% | | Total noninterest expense | $30,453 | $26,964 | $3,489 | 12.9% | | Net income | $11,901 | $17,495 | ($5,594) | (32.0%) | | Diluted earnings per common share | $0.68 | $1.00 | ($0.32) | (32.0%) | - The Corporation adopted ASU 2016-13 (CECL) on January 1, 2020, resulting in a **$6.5 million** increase in the ACL for loans and a **$1.5 million** increase for unfunded commitments, which decreased retained earnings by **$6.1 million** (net of tax)[26](index=26&type=chunk)[30](index=30&type=chunk) - The COVID-19 pandemic has caused significant economic disruption, leading to an increased provision for credit losses and potential adverse impacts on net interest income, wealth management revenues, and asset valuations. The Corporation is offering loan payment deferrals and participating in the SBA's Paycheck Protection Program[22](index=22&type=chunk)[23](index=23&type=chunk)[27](index=27&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=51&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2020 financial performance, focusing on COVID-19, CECL, net interest income, asset quality, and liquidity [Forward-Looking Statements](index=51&type=section&id=Forward-Looking%20Statements) [Critical Accounting Policies and Estimates](index=51&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) [Overview](index=53&type=section&id=Overview) [Regulatory Developments - The CARES Act](index=53&type=section&id=Regulatory%20Developments%20-%20The%20CARES%20Act) [Massachusetts COVID-19 Emergency Legislation](index=54&type=section&id=Massachusetts%20COVID-19%20Emergency%20Legislation) [Risk Management](index=54&type=section&id=Risk%20Management) [Results of Operations](index=56&type=section&id=Results%20of%20Operations) [Segment Reporting](index=64&type=section&id=Segment%20Reporting) [Financial Condition](index=65&type=section&id=Financial%20Condition) [Sources of Funds](index=77&type=section&id=Sources%20of%20Funds) [Liquidity and Capital Resources](index=77&type=section&id=Liquidity%20and%20Capital%20Resources) [Off-Balance Sheet Arrangements](index=79&type=section&id=Off-Balance%20Sheet%20Arrangements) [Asset/Liability Management and Interest Rate Risk](index=79&type=section&id=Asset/Liability%20Management%20and%20Interest%20Rate%20Risk) - Net income decreased by **32%** year-over-year to **$11.9 million**, primarily due to a significant increase in the provision for credit losses and lower net interest income, partially offset by higher noninterest income[248](index=248&type=chunk) Key Performance Metrics (Three months ended March 31, 2020 vs. 2019) | Metric | 2020 | 2019 | | :------------------------------------------------- | :----- | :----- | | Diluted earnings per common share | $0.68 | $1.00 | | Return on average assets | 0.89% | 1.39% | | Return on average equity | 9.49% | 15.52% | | Net interest income as a percentage of total revenues | 62% | 69% | | Noninterest income as a percentage of total revenues | 38% | 31% | - The provision for credit losses surged to **$7.0 million** in Q1 2020 from **$0.65 million** in Q1 2019, mainly due to the significant deterioration in the economic forecast caused by the COVID-19 pandemic and the adoption of CECL[272](index=272&type=chunk) - Total loans increased by **$197.4 million** (**5%**) to **$4.1 billion** at March 31, 2020, driven by commercial loan growth and residential real estate mortgage loan purchases. The Corporation executed **396** short-term deferments on **$406 million** of loan balances (**10%** of total loans) due to COVID-19[313](index=313&type=chunk)[315](index=315&type=chunk) - Wealth management assets under administration (AUA) decreased by **$1.0 billion** (**16%**) year-over-year to **$5.3 billion**, primarily due to net client outflows in H2 2019 and declines in financial markets in March 2020[278](index=278&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=82&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risk disclosures refer to Item 2 for asset/liability management and Item 1A for financial condition impacts [Item 4. Controls and Procedures](index=82&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls effective March 31, 2020, with internal controls updated for CECL adoption and new model validation - Disclosure controls and procedures were deemed effective as of March 31, 2020[421](index=421&type=chunk) - Internal controls over financial reporting were updated to support the adoption of Topic 326 (CECL), introducing new controls such as independent model validation and input review of econometric factors[422](index=422&type=chunk) PART II. Other Information [Item 1. Legal Proceedings](index=83&type=section&id=Item%201.%20Legal%20Proceedings) Ordinary course legal proceedings are not expected to materially affect the Corporation's financial position or results - Management believes current legal proceedings will not materially affect the Corporation's financial position or results of operations[424](index=424&type=chunk) [Item 1A. Risk Factors](index=83&type=section&id=Item%201A.%20Risk%20Factors) Updated risk factors highlight significant and uncertain adverse COVID-19 impacts on operations, credit, markets, and regulation - The COVID-19 pandemic is expected to continue adversely impacting employees, customers, business operations, credit quality, financial position, liquidity, and results of operations, with the ultimate impact being highly uncertain[426](index=426&type=chunk)[427](index=427&type=chunk) - Key risks from COVID-19 include: heightened cybersecurity and operational risks from remote work, reduced net interest income due to lower federal funds rates, increased credit losses and allowance for credit losses, reduced loan demand, and volatility in wealth management and mortgage banking revenues[426](index=426&type=chunk) - Participation in the SBA's Paycheck Protection Program (PPP) exposes the Corporation to reputational harm, increased litigation risk, and the possibility that the SBA may not fund some or all of the associated loan guarantees[428](index=428&type=chunk)[429](index=429&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=84&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Corporation repurchased **124,863** shares for **$4.3 million** in March 2020, suspending program due to COVID-19 uncertainty Summary of Stock Repurchases (Q1 2020) | Period | Total shares purchased | Average price paid per share | Total shares purchased as part of publicly announced plans | Maximum shares that may yet be purchased under plans | | :-------------------- | :--------------------- | :--------------------------- | :------------------------------------------------------- | :---------------------------------------------------- | | January 1 - 31, 2020 | — | $— | — | 850,000 | | February 1 - 29, 2020 | — | — | — | 850,000 | | March 1 - 31, 2020 | 124,863 | $34.61 | 124,863 | 725,137 | | Total | 124,863 | $34.61 | 124,863 | 725,137 | - The 2019 Stock Repurchase Program, authorizing up to **850,000** shares, was suspended on March 25, 2020, due to economic uncertainty from the COVID-19 pandemic[430](index=430&type=chunk) [Item 6. Exhibits](index=84&type=section&id=Item%206.%20Exhibits) Exhibits filed with Form 10-Q include award agreements, officer certifications, and Inline XBRL financial statements [Signatures](index=85&type=section&id=Signatures) The report is duly signed by key executive officers of Washington Trust Bancorp, Inc

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K (Mark One) Commission file number: 001-32991 WASHINGTON TRUST BANCORP, INC. (Exact name of registrant as specified in its charter) Rhode Island 05-0404671 Title of each class Trading Symbol(s) Name of each exchange on which registered COMMON STOCK, $.0625 PAR VALUE PER SHARE WASH The NASDAQ Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: NONE Indicate by check mark if the registrant is a well-known s ...

Washington Trust Bancorp Inc. (NASDAQ:WASH) Q4 2019 Earnings Conference Call January 28, 2020 8:30 AM ET Company Participants Elizabeth Eckel - Senior Vice President, Chief Marketing and Corporate Communications Officer Ned Handy - Chairman and Chief Executive Officer Mark Gim - President and Chief Operating Officer Ron Ohsberg - Senior Executive Vice President, Chief Financial Officer and Treasurer Conference Call Participants Mark Fitzgibbon - Piper Sandler Erik Zwick - Boenning & Scattergood Laurie Hunsi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2019 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______. Commission file number: 001-32991 WASHINGTON TRUST BANCORP, INC. (Exact name of registrant as specified in its charter) Rhode Island 05- ...

Washington Trust Bancorp, Inc. (NASDAQ:WASH) Q3 2019 Earnings Conference Call October 22, 2019 8:30 AM ET Company Participants Elizabeth B. Eckel - Senior Vice President, Chief Marketing & Corporate Communications Officer Ned Handy - Chairman & Chief Executive Officer Mark Gim - President & Chief Operating Officer Ron Ohsberg - Senior Executive Vice President, Chief Financial Officer & Treasurer Conference Call Participants Mark Fitzgibbon - Sandler O'Neill. Erik Zwick - Boenning & Scattergood Damon DelMont ...